Trax, a Singapore-based company harnessing computer vision to provide vision and analytics tools for retailers, has secured US$640 million in a Series E financing round led by SoftBank Vision Fund 2 and technology-focused funds managed by existing investor BlackRock.

As per a press note, this round of primary and secondary capital financing also saw participation from new investors including Canadian pension fund OMERS and Sony Innovation Fund.

The blockbuster Series E round is more than double what the company raised in the past decade. To date, the firm has raised US$1.03 billion in investments and is understood to be valued at over US$2 billion, as per a DealStreetAsia report.

Justin Behar, CEO of Trax, shared the fresh funds will go towards “investing in our team, extending our market leadership, scale our retailer business, and drive the next stages of long-term growth and innovation.”

Founded in 2010, Trax’s cloud platform is accelerating the digital transformation of consumer packaged goods (CPG) companies and grocery retailers by providing granular visibility of rapidly changing store conditions. The company hit unicorn status after a US$100M Series D funding round in 2019.

Trax claims its proprietary computer vision solutions enable users to make timely, data-driven decisions and implement immediate corrective actions. This helps retailers accelerate growth, reduce costs, and drive awareness and purchasing intent.

In the past year, Trax launched a suite of autonomous shelf-monitoring solutions and an AI-driven, enterprise-level dynamic merchandising service to help brands and retailers keep products on shelves with the assistance of Flexforce, an on-demand crowd marketplace.

Also Read: Trax acquires European image recognition startup Qopius to expand digital retail presence

“Trax has been building its sophisticated, AI-powered, retail cloud platform for more than a decade. We began our journey by creating novel computer vision solutions for retail and have since broadened our capabilities to serve the evolving needs of the modern retail ecosystem,” added Behar.

“We are witnessing the retail industry adopt digital technologies at an unprecedented pace and scale,” noted Joel Bar-El, Executive Chairman and co-founder of Trax.

“Despite the turbulence of 2020, we made tremendous strides in our business because of the hard work, dedication and team spirit at Trax. Our many solutions address the complex needs of CPG brands and retailers as they rapidly adjust to shifts in consumer behaviour,” he added.

“Through its innovative AI platform and image recognition technologies, we believe Trax is optimizing retail stores by enabling CPG brands and retailers to execute better inventory strategies using data and analytics,” noted Chris Lee, Director at SoftBank Investment Advisers.

—

Join our e27 Telegram group, FB community or like the e27 Facebook page

Image Credit: Trax

The post Singapore unicorn Trax bags US$640M Series E to expand retail-tech platform appeared first on e27.

Grab set for US listing through merger with Altimeter SPAC at US$35bn valuation; The listing will see Grab raising US$2.5bn through a private investment in public equity deal; About US$1.2bn will be funded by Altimeter; The deal could take as soon as this week. More here

SoftBank co-leads US$640mn in pre-IPO Series E of Singapore retail-tech unicorn Trax; Its retail cloud platform combines computer vision with IoT hardware to provide companies with granular visibility of changing store conditions; With hubs in the US, Singapore, Israel, Trax serves customers in over 90 countries. More here

AirAsia to raise US$300mn for digital unit to fuel super-app ambition; As per a Bloomberg report, it is in discussions with at least one advisor for its digital unit’s first financing round; In March, founder and CEO Tony Fernandes estimated that AirAsia’s super app would record a turnover of US$250mn this year; Recently, the airline said it’s looking to enter the ride-hailing business. More here

Play Ventures closes US$135mn fund targeting gaming startups; Launched in 2018, Play Ventures portfolio consists of 24 early-stage gaming startups across over 10 different countries; Its investees include Vietnam’s Gamejam and Singapore’s Potato Play. More here

Line operator Naver invests US$150mn in Indonesia’s Emtek; The investment is aimed at jointly finding new growth opportunities in SEA with its regional partners; Emtek owns and operates several internet properties, including DANA and Bukalapak; Naver has been aggressively investing in promising startups and businesses in SEA, where the online business growth potential is greater than in other regions. More here

MatchMove’s talks with VCs to raise US$50mn fall through; As per a DealStreetAsia, this follows the S’pore fintech firm’s failure to secure digital banking licence from MAS; MatchMove had forged consortium to apply for a digital bank licence to bolster its existing banking-as-a-service portfolio. More here

Indonesia’s B2B commerce startup Sinbad set to close in on US$15-20mn funding; As per a DealStreetAsia report, MDI Ventures and Genesia Ventures are understood to be backing the startup’s latest round; Sinbad provides a platform for retailers and merchants to place orders directly with principal manufacturers and product distributors. More here

Hyperganic brings 3D printing software to Singapore with a US$7.8mn funding; The company shared this decision was driven by Singapore’s investment in deeptech, specifically in AI, robotics and industrial 3D printing; Germany-based Hyperganic uses computer algorithms to create digital renderings of complex parts such as rocket engines. More here

SIRCLO acquires Eduardo Saverin-backed Indonesian parenting platform Orami; The deal states that Orami will operate as an independent entity that is integrated within SIRCLO’s line of services; Orami CEO Ferry Tenka and President Hendrawan Kartika will take on the roles of SIRCLO’s CMO and CFO, respectively. More here

SEA’s VC landscape will soon get more specialised, says ADB Ventures; There is now a rapidly growing pool of young entrepreneurial talent, some of who are moving into sectors that can have a significant impact; The impact VC firm is launching a US$100mn+ debt fund targeting tech startups that are slightly further along the commercialisation lifecycle. More here

Flash Coffee raises US$15mn to take on the likes of Kopi Kenangan in SEA; Investors include White Star Capital, Delivery Hero-backed DX Ventures, GFC; The tech-enabled coffee chain now operates in 50 locations across Singapore, Thailand and Indonesia, with majority of its stores already achieving profitability. More here

‘Microinsurance will play a pivotal role in accelerating financial inclusion in SEA’: Raunak Mehta of Igloo; Insurtechs have to overcome the distribution challenge and identify, develop and grow more avenues for insurance products to be made available to consumers. More here

Singapore startup Glints snags US$22.5mn Series C; Investors include PERSOL Holdings (lead), Monk’s Hill, Wavemaker Partners; Glints is an online platform for career development and recruitment in SEA; The funds will be used to develop new features and expand its presence in Singapore, Indonesia, Vietnam and Taiwan. More here

Singapore-based Circus Social secures US$1mn led by Inflection Point Ventures; The startup allows companies to track competitors, benchmark performance, analyse sentiment and predict trends using AI and Machine Learning; It has clients across multiple industries in over 15 countries in Asia Pacific, including Fortune 500 firms. More here

SEED Ventures’s new fund VDF1 can pay interest-free loan of up to US$38K to startups ‘within 5 days’; Although it won’t be taking any interest from startups, the shareholders will be incentivised with small amounts of equity; VDF1 is receiving interest mostly from F&B companies. More here

Singapore’s fintech Friz raises pre-seed funding from YC, 500 Durians, others; The startup is focused on providing financial services for freelancers; The capital raised will be used for the expansion of its engineering and marketing teams, as well as to expand into markets such as the Philippines and Thailand. More here

Twitter said to have held acquisition talks with Clubhouse on potential US$4bn deal; Twitter, however, has its own product very similar to Clubhouse — Spaces; Clubhouse, meanwhile, just launched the first of its monetisation efforts, Clubhouse Payments, which lets users send direct payments to other creators on the platform, provided that person has enabled receipt of said payments. More here

EY survey: SEA region to generate most M&A opportunities; Driving this acquisition appetite are concerns about tariffs and trade flows, strengthening of technology, talent and new capabilities, and growth into adjacent business sectors or activities; Top investment destinations (cross-border and domestic) among SEA corporates were India, Singapore, Japan, Thailand and China. More here

8 Indian startups join unicorn club this year; Startups that have turned unicorns in 2021 include infra tech provider Infra.Market; health-tech provider InnovAcer; non-bank lender Five Star Business Finance; e-pharmacy API Holdings; social commerce startup Meesho; and fintech companies Digit Insurance, Groww and Cred. More here

Cloud technology is on a rise in SEA; The cloud computing market is expected to reach US$40.32bn by 2025, according to IDC; Startups now no longer compete regionally or locally, but on a global scale and cloud technology offers cost-effective, adaptable, and easy access alternative to the present and future needs of the organisation. More here

Singapore to pump extra US$51mn into Tourism Development Fund (TDF); Initiatives supported by the TDF include the Experience Step-Up Fund; the Kickstart Fund to test innovative lifestyle concepts; and the Training Industry Professionals in Tourism grant, which covers part of the cost of sending employees for tourism-related skills upgrading. More here

How will digital banking benefit Malaysians?; The biggest impact here will be seen in financial inclusion, especially for Malaysia’s underserved and unserved population; Digital banking may also provide better accessibility to those in rural areas who can benefit from similar financial products, as they won’t have to access physical bank branches that are commonly located in urban areas. More here

—

Image Credit: Play Ventures

The post Ecosystem Roundup: Next step for Air Asia super-app ambition, and Play Ventures closes new gaming fund appeared first on e27.

Oyo, a SoftBank-backed Indian budget hotel chain, has dismissed the news  reports that it has filed for bankruptcy after the fallout of a contractual dispute over a claim of US$22,000.

Ritesh Agarwal, founder and CEO of Ayo, stated in a Twitter post dated April 7 that the text messages and documents carrying these claims are “absolutely untrue and inaccurate”

He noted the company has paid the disputed amount and has challenged the claim.

Similar to its counterparts in the tourism industry, Oyo has been hit by the lockdown measures implemented by various countries. Agarwal disclosed in April last year the hotel chain saw its revenues and occupancy rates drop by up to 60 per cent during the height of the pandemic.

However, it seems Oyo is not letting the pandemic headwinds affect them. Last month, its Singapore unit secured a US$204 million loan facility from SB Investment Holdings (UK), a unit of SoftBank. This move is aimed at bolstering Oyo’s operations, which have been hit hard by the COVID-19 pandemic.

Several reports have also noted the company has managed to sustain its gross margin to 100 per cent of pre-COVID-19 levels.

—

Join our e27 Telegram group, FB community or like the e27 Facebook page

Image Credit: Oyo

The post Oyo’s bankruptcy reports are untrue and inaccurate: CEO Ritesh Agarwal appeared first on e27.

In an age of prescribed social distancing, in order for innovative tech solutions to flourish, it is imperative that founders and tech entrepreneurs connect with their audiences. To bridge gaps between corporate buyers and solution providers. This requires strategic networking and the opportunity to showcase one’s products and services in a platform that is reputable, credible, and full of possibilities.

Through strategic matching, technology ventures and startups are not only able to display their solutions to a curated audience of potential corporate buyers and regional investors, but they are also exposed to other new innovations that can help inspire better ideas in the future.

One institution spearheading efforts to connect startups with corporates and investors is the Hong Kong Science and Technology Parks Corporation (HKSTP). HKSTP recently announced that it will be hosting the Global Matching 2021 from 26 May to 2 June 2021. Harnessing its resources as Hong Kong’s innovation hub, HKSTP will be powering the Corporate Innovation Summit, as well as workshops for corporate buyers to drive innovation adoption at speed and scale.

Also read: Malaysian tech companies making waves in Indonesia, shine on a global stage

The 6-day programme offers startups and technology ventures a platform to expand their business network and connect with potential corporate buyers and investors. Local and international technology ventures are invited to submit their online proposals in one of nine designated industry verticals, namely Consumer and Services, Education, Manufacturing and Logistics, Travel and Hospitality, Banking, Financial Services and Insurance, Healthcare, Construction and Real Estate, and Government and Smart City.

Albert Wong, CEO of HKSTP, said, “Entrepreneurs need the right environment to unlock ideas and sustainably bring them into fruition. Pooling our resources of knowledge, network and R&D expertise together, HKSTP is honoured to provide the support for these innovators to be productive and to succeed.”

“This event is a two-way learning ground for entrepreneurs and investors. Our corporate partners get to discover emerging solutions that could potentially fill a need in their industry. Technology creators, on the other hand, gain a swift introduction to regional investors, along with market-entry insights and funding from interested partners. Ultimately, we are able to accelerate the production of solutions that could revitalise and move industries forward with innovation and technology,” added Wong.

What to expect from the Corporate Innovation Summit 2021

Around 300 technology ventures from across the globe are expected to participate in the programme for an opportunity to get matched with potential new corporate customers and partners during the Global Matching sessions.

The event builds upon the success of last year’s virtual Global matching event, which saw over 320 one-on-one matching meetings between 160 global tech ventures and over 200 industry corporates and regional investors. This year’s matchmaking sessions will combine online and onsite business-and-investment matching activities, followed by two-minute pitches to be delivered by shortlisted technology ventures over an online platform.

The pitches will be publicly live-streamed and then made available via video-on-demand, extending the exposure for entrepreneurs to potential investors.

The Global Matching 2021 is now accepting applications from global technology ventures on or before 16 April 2021.

For further event updates and the latest list of corporate buyers and regional investors, please visit our event website.

About Hong Kong Science and Technology Parks Corporation

Comprising Science Park, InnoCentre and Industrial Estates, Hong Kong Science & Technology Parks Corporation (HKSTP) is a statutory body dedicated to building a vibrant innovation and technology ecosystem to connect stakeholders, nurture technology talents, facilitate collaboration, and catalyse innovations to deliver social and economic benefits to Hong Kong and the region.

Also read: KiWi New Energy: Making green energy available to all

Established in May 2001, HKSTP has been driving the development of Hong Kong into a regional hub for innovation and growth in several focused clusters including Electronics, Information & Communications Technology, Green Technology, Biomedical Technology, Materials and Precision Engineering. We enable science and technology companies to nurture ideas, innovate and grow, supported by our R&D facilities, infrastructure, and market-led laboratories and technical centres with professional support services. We also offer value-added services and comprehensive incubation programmes for technology start-ups to accelerate their growth.

Technology businesses benefit from our specialised services and infrastructure at Science Park for applied research and product development; enterprises can find creative design support at InnoCentre; while skill-intensive businesses are served by our three industrial estates at Tai Po, Tseung Kwan O and Yuen Long. More information about HKSTP is available at http://www.hkstp.org/.

– –

This article is produced by the e27 team, sponsored by 
HKSTP

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post HKSTP invites global tech ventures to the Global Matching 2021 appeared first on e27.

Australian fintech company Finder has bought Singapore-based GoBear’s brand, including its trademark and digital assets.

Digital assets bought include domains, website content and GoBear’s social media channels in seven markets, including Singapore, Malaysia, Indonesia and Thailand.

As per the deal, GoBear’s website content will be integrated into Finder. However, its social media and email channels will continue to remain independent.

The financial terms of the deal remain undisclosed.

GoBrear had ceased operations early this year.

Finder said in an official note that there is a great alignment between the two brands, and the acquisition can lead it to further strengthen its presence in Singapore.

“Like GoBear, Finder is committed to helping customers improve their financial wellbeing and our mission is to help people all over the world make better money-related decisions every day. We want to continue to honour GoBear’s vision and are proud to be continuing to serve the people of Southeast Asia,” the Finder said.

Also Read: GoBear shuts down amidst decreased demand for its financial products, services

“They [GoBear] had developed thousands of guides and education pieces, which were aligned with the way Finder approaches comparison, so those articles will now go live on Finder,” Finder’s founder and CEO Frank Restuccia said in an interview with Mumbrella.

Founded in 2015 by CTO Ivonne Bojoh and Chief Commercial Officer Marnix Zwart (both left the firm in November 2019), GoBear operates a platform for insurance, banking and lending products in seven markets across Southeast Asia.

GoBear was initially meant to be a metasearch engine, before making a transition into financial services. As of May 2020, it had over 100 commercial partners, including banks and insurance providers, and its services were used by over 55 million people.

The GoBear platform was shut down in January this year amid the COVID-19 crisis, as demands for its financial products and services plummeted.

Founded in 2006 in Sydney, Finder also helps people make better financial decisions by comparing different financial products. It compares more than 200 different verticals ranging from personal finance products such as credit cards, home loans and savings accounts to online shopping, cryptocurrency, and share trading.

Today, it has offices in Australia, the US, the UK, Canada, Poland and the Philippines, and claims to be serving more than 10 million consumers across 80+ countries every month.

—

Image Credit: GoBear

The post Australia’s Finder acquires GoBear’s digital assets, trademark appeared first on e27.